#Malaysia #Stocks Dip on Year's Start; Imaspro's Shares Drop 7% (2 January 2024)

Malaysian stocks opened 2024 in the red zone, extending losses of the previous session as investors could not find buying catalysts on the first trading day of the year.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 1.56 points to end 0.11% lower at 1,453.10.

In economic news, Malaysia's manufacturing activity continued to contract in December, unchanged from the month earlier, S&P reported. The S&P Malaysia Manufacturing PMI was unchanged at 47.9 in December, indicating that business conditions remained challenging.

In corporate news, shares of agricultural chemicals manufacturer Imaspro IIMASPRO slumped 7%, while those of property development and hospitality company YNH Property YNHPROP dropped 5%.

Meanwhile, industrial mold manufacturer Rapid Synergy's RRAPID shares lost over 2% on Tuesday.

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